About That Retirement Resolution…

With the year solidly under way, it’s time to check in on your resolutions. Are you still prioritizing retirement?

KEY TAKEAWAYS

You can motivate yourself to save for retirement if you picture your future self.

Set up an automatic investment plan so that you're working toward your savings goals without even thinking about it.

Look to the Future

It’s easy to look to the future at the beginning of the year when everyone else is doing it, too. Now that the year is settling into something of a slog, looking to the future doesn’t seem that important. After all, you are trying to focus on today.

Take a moment to consider your future. Are you on the right track? Are you saving enough to make a difference? Will you be able to live comfortably in retirement?

The fact that you had fun now will be poor consolation to your 60-year-old self, when s/he is unable to enjoy the perks of the “golden years.”

Studies show that you can motivate yourself to save for retirement if you picture your future self. Think about how you might look, and the kinds of things you want to do. Visualize your life and your health. Then, acknowledge the kind of money it will take to get there. With this picture of your future in your head, you might be more inclined to boost your retirement savings.

Make Retirement Savings Automatic

The best way to prioritize your retirement is to make your savings automatic. You might have started out the new year promising that you will add more to your retirement account, but have you done it yet? What’s holding you back?

Instead of waiting for a “someday” when you feel like you have enough money to boost your contributions, make your retirement savings automatic. Have money from your paycheck automatically contributed to a 401(k) or IRA. If an employer’s plan isn’t an option, open your own IRA. Anyone with earned income can open an IRA and contribute. Set up an automatic investment plan and let time do its magic.

Once you have automated your retirement savings, you will be able to stay on track without putting forth extra effort. You can check one resolution off your list, and look forward to a more prosperous future.

New to Betterment?As the most trusted online financial advisor, Betterment offers a fully diversified investment portfolio of 12 global asset classes, optimized to provide you the best possible returns for retirement planning with both Traditional and Roth IRAs. Betterment costs 0.15% of assets under management annually for a portfolio of $100,000 or more. Learn more here.

Miranda is a Betterment Staff Writer, freelance writer and professional blogger specializing in finance and investing topics. Her work has appeared in US News & World Report, Yahoo! Finance, and Huffington Post, and her work has been mentioned in numerous media.

One thought on “About That Retirement Resolution…”

I will have starting in 2014 the following retirement incomes, FERS Federal Employees Retirement system check of 750.00 a month, That will start in 12/01/2013 ongoing since 1992 I have a military retirement check of 1650.00 a month. Starting the 3rd Wednesday in Apirl 2014 I will have a Social Securtiy Retirement check of 1240.00 a month. My wife will have a CSRS (Civil Service Retirement system) check of 4000.00 a month starting in Jan 2014. We currently earn 120,000.00 a year working in retirement we will have $91,680.00 Plus 100,000 in savings . We recently sold our home where we work now for a loss but will walk away from it with $26000.00 because we were smart with our loan. we also bought a home in Louisiana with 24 acres around it and finaced at 4% a 80000.00 loan. We plan to pay off our land and home in 3 years of retirement. with our savings we plan to build a barn, garage with appartment on top and finish up a antiquic house on the property. Plus install a solar and wind turban system to power everthing. We will raise pigs, chickens and calfs and have a large garden. Do you think we have a good plan for retiring in the next few months?

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